Common-Size Income Statement
Paying user area
Try for free
Walmart Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Walmart Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Walmart Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2026-01-31), 10-K (reporting date: 2025-01-31), 10-K (reporting date: 2024-01-31), 10-K (reporting date: 2023-01-31), 10-K (reporting date: 2022-01-31), 10-K (reporting date: 2021-01-31).
The common-size income statement reveals several noteworthy trends over the six-year period. Gross profit as a percentage of net sales experienced initial growth, followed by a decline, and then a recovery. Operating income demonstrated volatility, while net income attributable to Walmart showed a generally positive trajectory, albeit with fluctuations.
- Profitability
- Gross profit margin initially increased from 24.30% to 24.44% between 2021 and 2022, then decreased to a low of 23.46% in 2023. A subsequent recovery was observed, reaching 24.21% by 2026. Operating income margin exhibited more pronounced fluctuations, rising from 4.06% to 4.57% in the first two years, then falling to 3.37% in 2023 before recovering to 4.22% in 2026. Net income attributable to Walmart margin followed a similar pattern, increasing from 2.43% to 2.41%, decreasing to 1.93%, and then increasing to 3.10% over the period. This suggests sensitivity to cost of sales and operating expenses.
- Cost Structure
- Cost of sales remained relatively stable, fluctuating between -75.56% and -76.54% of net sales. Operating, selling, general and administrative expenses also showed relative stability, ranging from -20.38% to -20.98% of net sales. The consistency in these expense ratios suggests effective cost management, despite the fluctuations in overall profitability.
- Non-Operating Items
- Membership and other income consistently contributed a small but growing percentage of net sales, increasing from 0.71% to 0.96%. Interest expense, net, remained relatively consistent, fluctuating between -0.31% and -0.42%. A loss on extinguishment of debt was recorded in 2022 (-0.42%), but was absent in other years. Other gains and (losses) were volatile, ranging from -0.53% to 0.29%, indicating potential impacts from infrequent items. These non-operating items had a relatively small, but noticeable, impact on overall income before income taxes.
- Tax Rate
- The provision for income taxes as a percentage of net sales decreased from -1.24% in 2021 to -0.84% in 2022, increased to -0.94% in 2023, and then decreased again to -0.87% in 2024, before increasing to -1.02% in 2026. This suggests some variability in the effective tax rate.
- Net Income Attributable to Noncontrolling Interest
- Consolidated net (income) loss attributable to noncontrolling interest was consistently a small percentage of net sales, fluctuating between -0.12% and 0.06%. The impact of noncontrolling interests on overall net income attributable to Walmart was minimal.
Overall, the period demonstrates a business capable of maintaining relatively stable cost structures while navigating fluctuations in gross profit and operating income. The ultimate result is a generally improving trend in net income attributable to Walmart, despite some volatility in intervening years.